Perenti (PRN) H1 2026 earnings summary

Executive summary

• Delivered first half FY 2026 results in line with expectations, maintaining strong earnings and cash flow generation, with consistent operational and financial performance over three years.

• Diversified portfolio with leading positions in contract mining, drilling, and mining technology services across 12 countries and 13 brands.

• Two-thirds of revenue from underground mining, with a strong weighting to gold projects; gold represented 76% of group revenue.

• Continued focus on safety, operational excellence, and disciplined capital allocation, including enhanced safety initiatives and leadership training.

• CEO transition planned for later in FY 2026.

Financial highlights

• Revenue steady at AUD 1.73 billion, consistent with the prior year; statutory revenue was $1,728.7 million, down 0.1% year-over-year.

• Record first-half EBITDA of AUD 160 million, up 3% year-over-year; underlying EBIT(A) rose 3.2% to $160.1 million; EBITDA margin improved to 9.3%.

• Underlying NPATA increased 12.4% to AUD 92 million; underlying EPS up 12% to 0.098 per share; NPAT increased 10.9% to $70.5 million.

• Interim dividend of AUD 0.0325 per share, up from 3.0cps in 1H25; total dividends paid to shareholders increased to $39.9 million.

• Normalized free cash flow of AUD 33 million, up 8% year-over-year after adjusting for delayed receipts; net operating cash inflow was $132.0 million.

Outlook and guidance

• FY 2026 revenue guidance set at $3.45–$3.55 billion; EBIT(A) $335–$350 million; capex guidance reduced to ~$325 million; free cash flow expected to exceed $170 million.

• Earnings and cash flow expected to be second half-weighted, with EBITDA and EBIT(A) growth anticipated from all divisions.

• Secured work in hand at 31 December 2025 was $5.8 billion; pipeline at $18.6 billion, with significant opportunities in Australia and North America.

• Strong organic growth opportunities in Australia and North America, with disciplined project selection.